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REPRESENTATIVE DEVELOPMENT 

PROJECTS

(Selected from lifetime project experience of Principals)

URBAN MIXED-USE, HIGH DENSITY PROJECT
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High density urban in-fill project (location is not public).

 

Project to consist of high rise residential, retail, boutique hotel and office on two city blocks.

 

As pre-development consultant for the project, RDL Associates performed the following:

 

  • Guided architect through revisions to conceptual plan necessary for proper interconnection of components.

  • Obtained City of Houston JRC approval to abandon city street between the blocks.

  • Created a comprehensive financial model for all components, timelines and cap stack for a multiphase approach to the project.

  • Scope and complexity of the project are beyond the owners track record, so I created a plan to co-develop the project with residential, hotel and office developers.

  • Created an Offering Memoranda for the residential co-development and the hotel co-development opportunities.

  • Marketed co-development opportunities to selected parties and obtained letters of intent from qualified co-developers.  

WOODLAKE SQUARE RE-DEVELOPMENT
1970's SHOPPING CENTER into MODERN HORIZONTAL MIXED-USE

                                                                                                                                                                            

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  • Negotiated Randalls Store Lease and Fuel Station Lease.

  • Converted store lease to a ground lease which improved the financial returns and reduced required capital.

  • Moved the Randalls store 100’ north to improve the visibility of the other buildings.

  •  Modified restrictions in Randalls lease to allow vertical redevelopment of the area east of the pedestrian/vehicular corridor, including Walgreens.

  • Sourced the equity financing (both USAA and AEW, new relationships for the owner, issued term sheets).

  • Created  project vision plan that transformed a poorly laid out, obsolete property into a modern urban horizontal mixed use center.

  • Assembled and managed the development team of internal and external professionals including architects and engineers to transcribe project vision into plans and specs and develop the project.

  • Sold the residential pad to Wood Partners, who built a 258 unit Class A multi-family project and a plaza interconnecting the residential project to the shopping center. In structuring the Wood deal, I imposed pedestrian integration requirements and architectural approval. 

  • Complete budgetary responsibility including overseeing and administrating the debt and equity fundings.

  • Created guidelines for revisions to Restrictions for Woodlake subdivision (312 acres, 4.2m sf of improvements) and successfully drove the process to amend and modernize the restrictions and substantially reduce the scope of restrictions that apply to Woodlake Square.

STARTING CONDITIONS

             

RE-DEVELOPED

RE-DEVELOPMENT of URBAN SHOPPING CENTER into HIGH DENSITY MIXED-USE 

  • Created  project vision and master plan including the pedestrian realm as part of the transformation of this low density retail project into a high density mixed use project incorporating a full service hotel, residential, and retail components.

  • ​Developed relationships with senior real estate executives for major hotel flags.

  • Identified the W Hotel as the target flag. Attracted co-developers with extensive hotel and high rise residential experience. As a team we negotiated a letter of intent with Starwood for the W Hotel.

  • Identified resources necessary for the development team.

  • Obtained preliminary approvals from TxDoT, Harris County and the City of Houston to acquire an unused portion of the ROW to accommodate the hotel component of the project. Researched the facts and law to support our position and facilitate the acquisition. 

STARTING CONDITIONS

RE-DEVELOPMENT CONCEPT PLAN

CONVERSION OF 1960's OFFICE BUILDING INTO MIXED-USE WITH RUTH'S CHRIS STEAKHOUSE AND ALOFT HOTEL

ALOFT HOTEL:

  • Shared construction management role with owner's 

       partner.

  • Assumed administration of the GC contract, including

       negotiating and approving change orders.

  • Full responsibility for loan draw process and lender approval.

  • Represented owner in Starwood’s opening certification process.

  • Asset manager for operating hotel, including budgeting and overseeing hotel management company.

  • Played a significant role in the sale of the Aloft Hotel from pricing to marketing to closing deal. Also conceived and implemented the plan and process to separate the Aloft Hotel from the office building including negotiating the implementation documents with the buyer of the hotel.

  • Negotiated parking rights in garage beneath the hotel, including right to connect office building to hotel garage.

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RUTH'S CHRIS STEAKHOUSE:

  • Identified Ruth’s Chris as an ideal candidate for the former Prosperity Bank premises, structured the lease deal and brought in Neal Wade to represent Leasing. The result was to provide the property with a Class A image tenant and Ruth’s Chris with an outstanding location.

  • Conceived the physical premises and the re-construction necessary.

  • Worked with Ruth’s Chris executive management and the design team on the premises and the necessary modification of the exterior to accommodate Ruth’s Chris and capitalize on benefits of this tenant.

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OFFICE BUILDING REDEVELOPMENT:

  • Created  project vision plan that transformed a Class B- office building into boutique office project commanding rents $5 higher than pre-development (opportunities exist to push rents another $2).

  • Assembled and managed the development team of internal and external professionals including architects and engineers to transcribe project vision into plans and specs and develop the project.

  • Coordinated with Ruth’s Chris executives and architect on its design.

  • Through a study of the plans of the existing building, developed approaches to construction and design issues that significantly reduced costs and allowed me to educate the architects and engineers on solutions. 

  • Complete budgetary responsibility including overseeing and administering the debt and equity fundings.

  • Since as part of the sale of the Aloft, I had earlier negotiated the right to reconnect a tunnel, I was able to provide concept design for the tunnel to the architects and engineers.

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After Aloft, but before Office Building Conversion

Completed Redevelopment

Ruth's Chris Steakhouse

CONVERSION OF FORMER RICE MILL INTO A MIXED USE PROJECT

INITIAL DUE DILIGENCE:

  • Confirm "slip form" construction of silos.

  • Obtain inspections by structural engineer and general contractor to determine that existing structures were sound and could support intended modifications.

  • Researched other silo conversions for concepts and potential issues.

  • Researched title records to determine historic rights to drainage channel and potential to avoid detention requirements.

  • Researched ability to tie into existing public streets.

  • Preliminary market analysis of adjacent residential to support proposed TH element.

  • Established contact with Bullet Train sponsor and monitored significant issues and progress.

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REPORTS TO CLIENT:

  • Initial report concentrated on the site and surrounding area attributes that supported/enhanced the redevelopment opportunity.

  • On-going reports on the status and probability of the Texas Central bullet Train and related interconnections with the Post Oak mass transit line.

  • Current condition of the property improvements and impact on redevelopment.

  • Initial market demand and potential rents for redevelopment.

  • Financial projections of costs and income for proposed redevelopment.

  • Recommended predevelopment team components (engineers, architects, contractors, etc), solicited proposals from applicable professionals and made selection recommendations to client.

  • On-going status reports over the multi-year engagement.

EXISTING SITE CONDITIONS

ENGAGEMENT RESULTS:

  • Created a financially rewarding and technically feasible redevelopment plan that could be executed in stages to maximize the results.

  • Client initially approved proceeding to redevelopment.

  • Due to change in senior executive of client, project was shelved and property sold.

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